Alibaba Share Surges as Sales Beats Boost Sentiment
- Alibaba, Baidu rally in Hong Kong as sales topped expectation
- Stocks rally comes amid grim outlook for China’s economy
Outside Alibaba Group Holding’s headquarters in Hangzhou.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Chinese tech shares jumped as two of the biggest Internet giants reported sales that topped estimates, lifting some of the gloom that had beset the sector following Covid-19 lockdowns and regulatory headwinds.
Hong Kong’s Hang Seng Tech Index rose 3.8% on Friday, the most in a week. E-commerce leader Alibaba Group Holding Ltd. and Baidu Inc. were the top gainers, rallying by at least 12% each.
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Alibaba Share Surges as Sales Beats Boost Sentiment